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Graphene is a real-time scalable sharding blockchain capable of handling complex decentralised applications (dApps), high-level business transactions, financial smart contracts and the development of specialised sophisticated shards for a variety of uses. This revolutionary blockchain offers better optimal performance and incorruptibility than first and second-generation bitcoin. Graphene is an incredibly high-level Blockchain architecture designed with the next-generation programming language GO, allowing the blockchain to process 100,000 transactions per second.
As a crafty protocol, graphene developers can dynamically respond to market demands by adding and deleting functionality as needed. This flexibility h makes graphene more interesting to organisations and enterprises looking to update their systems and assures that it will always be relevant since it can create blockchain solutions specifically for their requirements.
The beauty of the Graphene ecosystem is its strong emphasis on expanding and supporting the community, emphasising the idea of decentralisation, and improving the network's scalability to accommodate the number of transactions per second.
How graphene works
The Graphene Delegated Proof of Stake (DPoS) consensus mechanism underpins the decentralisation of this blockchain technology. This means that blocks are created by a set of "Witness" nodes that are chosen through a stake-weighted shareholder vote. Apart from the witness, committees are also selected through stakeholder voting also have the responsibility to establish adjustable blockchain parameters and accept or reject proposed new features and other changes to the consensus process.
The delegated proof of stake model is quite democratic because its administrative authority falls back into the users' hands.
Graphene blockchain components
An important aspect to note about graphene is its building blocks which form the basis of its working functions. Many modules, chains and links make up this blockchain, such as a Beacon Chain, Validator Modules, Shard Modules, Relayer Modules and Cross-Links. Understanding each component will keep you abreast of the stages of transaction validations.
The Beacon Chain can be described as the spine, the heartbeat or the conductor that coordinates the entire graphene shard. The beacon chain's primary duty is to manage the proof-of-stake protocol and all of the shard chains. This chain manages the witnesses and their stakes, selects the block parameters for each shard, and forms validator committees to vote on the proposed blocks. The beacon chain also applies consensus rules, rewarding and punishing validators, as well as playing the role of the anchor point that enables cross-shard transactions.
The process, validate, and add transaction blocks to the graphene beacon chain block. When graphene users initiate blockchain transactions, those transactions are queued on the network, awaiting subsequent validation. Validator modules then batch individual transactions in a block to verify them. When a block is completed, validators process it, adding it to the blockchain as a permanent record.
The validator payment rewards and penalties system is a crucial component of the Graphene network's improved security. The blocks are examined by the validators using specific guidelines established by the blockchain. For each validated transaction, validators are rewarded in the form of transaction fees.
In the context of a graphene blockchain network, shard modules facilitate the division of the network into smaller partitions or side chains, each of which can significantly increase graphene beacon chain scalability and transaction per second.
Relayer module act as the system's data management section that keeps tabs on each shard's overall state. Relayers announce to validators the type of transactions they have prepared for submission to the network. This announcement, therefore, simplifies validators' mode of action.
This facilitates interoperability between independent shards on the graphene network. For example, When transferring assets from an address on one shard to another address on the other shard, cross-links are utilised to finish such transactions.
Key players in graphene blockchain
The graphene is a fast-growing blockchain network with optimal and error-free handling of complex dapps, financial transaction and specialised sophisticated shards that allows various use cases. The exploits have spurred its full adoption by prominent key players Bitshare and Phore.
We look into these two major key players regarding their speciality and how you can benefit from what they offer.
Bitshare is a polymorphic digital exchange platform founded by Daniel Laimer with the common interest of free market solution riding on the influence of the worldwide decentralised decision making.
Built on the dominance of graphene, Bitshare is the first fully decentralised system to utilise a consensus network to create an error-free, effective and reliable global payment system.
Users can digitally trade almost any actual asset and freely market it on the decentralised Bitshare exchange. For people who use the BitShare Platform, this opens the door to a wide range of financial services. BitShares is the blockchain network that gives users the tools they need to accomplish this, including the capacity to start a decentralised autonomous corporation and the ability to generate assets that can be freely exchanged against any other assets on the decentralised market running on graphene technology.
Bitshare also supports all industries that rely on the internet to provide services such as auctions, stock exchange, banking, lottery, and other financial services. These are made possible by graphene cryptography and scalability tenets, enabling fast transaction processing in record time, i.e. 100,000 transactions per second.
Phore teams graphene is a flexible and cutting-edge smart contract platform for creating decentralised apps (dAPPs), supporting customisable shards, turing complete smart contracts and decentralised distribution that can be utilised with private transactions. This has allowed new decentralised, privacy-enabled business operations that make you the sole decider of your data usage. Phore team's vision of delivering blockchain technology to the real world further necessitates the development of Graphene technology, a next-generation blockchain architecture structured with CASPER staking consensus protocol written in GO open source programming language.
Regardless of your technical capability, Phore graphene is for everyone to launch and operate a decentralised app without any extortion fee or network congestion.
The uniqueness of graphene is enshrined in its extraordinary combination of technology, interoperability, fast transaction processing time, and a step above other blockchains in terms of scalability. Graphene blockchain also intends to promote new usage models and innovation, solid functionality to address real-world issues, user-friendliness for developers and end users, and more. Similar compartmentalisation exists in the architectural blockchain of graphene between the layers of blockchain consensus, data, and execution. Additionally, many network components process each layer concurrently without compromising decentralisation or security.